- Gold saw a historic $5.5 trillion intraday market cap swing in a single trading session
- Gold lost $3.2 trillion then regained $2.3 trillion within hours on Thursday trading
- Gold volatility exceeded 2008 financial crisis levels and surpassed Bitcoin's market cap
Gold markets witnessed extraordinary volatility this week, with capital markets commentary platform The Kobeissi Letter claiming that the precious metal recorded the largest single-day swing in market capitalisation in history. According to the platform's analysis, posted on X early Friday, gold's market value fluctuated by an unprecedented $5.5 trillion within a single trading session, underlining the intensity of moves currently gripping global commodity markets.
This is absolutely insane:
— The Kobeissi Letter (@KobeissiLetter) January 29, 2026
Gold just posted its largest daily swing in market cap in history, at $5.5 TRILLION.
Between 9:30 AM ET and 10:25 AM ET, gold lost -$3.2 trillion in market cap, or -$58 billion PER MINUTE.
Then, between 10:25 AM ET and 4:00 PM ET, gold added back… pic.twitter.com/9BmnY9g6Ap
The Kobeissi Letter said that between 9:30 am and 10:25 am ET on Thursday (8 pm and 8.30 pm IST on Friday), gold lost around $3.2 trillion in market capitalisation, translating to roughly $58 billion per minute. The trend then reversed sharply. Between 10:25 am and the market close at 4:00 pm ET (10.40 am IST), gold was reported to have regained $2.3 trillion in value, according to the analysis.
Also Read | Why Gold Prices Are Rising Globally In 2026
If accurate, the platform argues, the scale of the move far exceeded volatility seen in other asset classes. By comparison, Bitcoin's total market capitalisation is estimated at about $850 billion, meaning gold's intraday swings were more than three times the size of the entire cryptocurrency market, compressed into just over six hours.
The Kobeissi Letter has described the episode as a sign of "historic trading conditions", claiming that gold's volatility has now risen above levels last seen during the 2008 global financial crisis.
What Is Driving The Turbulence?
The sharp swings come against a backdrop of heightened uncertainty across global markets. Investors are grappling with persistent inflation risks, unclear interest rate trajectories, geopolitical tensions, and concerns over currency stability amid trade wars, all of which traditionally boost demand for safe-haven assets like gold.
At the same time, aggressive repositioning by large institutional players, algorithm-driven trading, and leveraged bets in derivatives markets may be amplifying price movements. Some analysts note that modern gold trading is increasingly influenced by financial flows rather than just physical demand.
Beyond Gold: Ripple Effects In Precious Metals
Volatility has not been limited to gold alone. Silver, platinum and palladium have also seen sharp intraday moves in recent sessions, reflecting broader stress in commodity markets. These swings suggest investors are rapidly shifting between risk-on and risk-off positions, often within hours.
On the Multi Commodity Exchange (MCX), silver futures crossed the record Rs 4 lakh per kg barrier on Thursday soaring by 6.3 per cent, while gold touched fresh all-time high of Rs 1.8 lakh per 10 grams.
The 2026 Outlook
According to news agency Reuters, major banks such as Goldman Sachs have raised their price targets, suggesting that gold could continue its climb as long as the global economy feels fragile. Some experts even predict it could reach $6,000 (Rs 5.51 lakh) per ounce by the end of the year.
